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Keyword: currencywar

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  • China Stuns Financial Markets By Devaluing Yuan For Second Day Running

    08/12/2015 1:47:45 PM PDT · by Lorianne · 23 replies
    Guardian UK ^ | 12 August 2015 | Phillip Inman and Fergus Ryan in Beijing
    China stunned the world’s financial markets on Wednesday by devaluing the yuan for the second day running, sparking fears that the world’s second largest economy is in worse shape than investors believed. The currency hit a four-year low on Wednesday after the People’s Bank of China set the yuan’s daily midpoint even weaker than in Tuesday’s devaluation. With the bank having said that Tuesday’s move was a “one-off depreciation”, the rapid drop in the value of China’s currency – around 4% in the last two days – dealt a blow to appetite for risky assets, and markets across the region...
  • Chinese Devaluation Extends To 3rd Day - Yuan Hits 4 Year Low, Japan Escalates Currency Race

    08/12/2015 9:03:30 PM PDT · by tcrlaf · 32 replies
    Zerohedge ^ | 8-12-2015 | Durden
    The "one-off" adjustment has now reached its 3rd day as The PBOC has now devalued the Yuan fix by 4.65% back to July 2011 lows. The PBOC seeks to reassure... -CHINA PBOC SAYS YUAN REMAINS STRONG CURRENCY IN LONG-TERM -PBOC SAYS THERE IS DEMAND FOR DEVALUATION OF YUAN VS USD -PBOC CHANGE OF YUAN MECHANISM RELATED TO JULY CREDIT: ZHANG -PBOC SAYS YUAN CHANGE IS BENEFICIAL TO LONG TERM STABILITY -PBOC SAYS YUAN EXCHANGE RATE ADJUSTMENT ALMOST COMPLETED *YUAN RATE ADJUSTMENT POSITIVE TO CONFIDENCE IN YUAN: PBOC'S YI *NEW YUAN MECHANISM `POSITIVE' TO INTERNATIONALIZATION: PBOC YI *PBOC SAYS NO BASIS...
  • Recovery? The World Eases...

    02/25/2015 2:00:46 PM PST · by alexmark1917 · 3 replies
    Despite endless proclamations that the world has 'escaped' the financial crisis, the data (and actions) simply do not back that up. The constant propagandizing of either a) US is economically strong and will drive the world's growth engine (factually incorrect), or b) the rest of the world is about to revert to higher growth seems entirely anathema to the fact that in 2015, we have seen a wave of monetary easing - most recently today by Israel. That makes it20 central banks that have cut rates (or eased policy) in the last few weeks - covering over 50% of the...
  • China unexpectedly cuts rates to support economy

    11/21/2014 11:07:52 AM PST · by Olog-hai · 6 replies
    Associated Press ^ | Nov 21, 2014 12:24 PM EST | Joe McDonald
    China’s central bank unexpectedly slashed interest rates on Friday to re-energize the world’s No. 2 economy, joining a growing list of major economies that are trying to encourage growth in the face of a global slowdown. On top of the rate cut, Chinese authorities promised to inject credit into the financial system if needed. Meanwhile, the president of the European Central Bank said Friday he was ready to step up stimulus for the 18-country eurozone economy, whose performance continues to disappoint. And Japan’s government this week delayed a tax increase after the country slipped back into recession. News of China’s...
  • Malaysia Airlines Crash: UN Security Council Sets Urgent Meeting on Ukraine

    07/17/2014 11:30:19 PM PDT · by tcrlaf · 117 replies
    NDTV ^ | 6-18-2014 | NDTV
    United Nations: The UN Security Council will hold an emergency meeting today morning on Ukraine. Britain's UN Mission said yesterday it requested the meeting and later tweeted that it is set for 10 am today. The request follows Wednesday's downing of a Ukrainian air force fighter and yesterday's downing of a Malaysia Airlines passenger plane carrying 295 people over eastern Ukraine. Britain has proposed a Security Council press statement calling for "a full, thorough and independent international investigation into the incident." The statement, obtained by The Associated Press, was circulated to all 15 council members, who must approve it before...
  • Jim Rogers: Major Crash Ahead For U.S. Investors

    03/11/2013 4:09:06 PM PDT · by Lorianne · 81 replies
    MoneyMorning ^ | 25 February 2013 | Terry Weiss
    Despite the current stock market rally, legendary investor Jim Rogers say the U.S economy is poised for a major crash and is warning investors to protect themselves immediately. In a riveting interview on Fox Business, Rogers warned Americans not to trust any of the positive economic news coming from world governments. "I don't trust the data from any government, including the U.S., Rogers said. "We know that governments lie to us. Everybody's printing money, but it cannot go on. This is all artificial." Rogers, who for years has been an outspoken critic of the Feds policies of "Quantitative Easing" says...
  • There Is No World Currency War

    02/13/2013 8:37:17 PM PST · by ExxonPatrolUs · 8 replies
    National Review ^ | 2-12-2013 | Kudlow
    All this chatter about a so-called global currency war is utter nonsense. All that is happening is the Japanese are wisely taking steps to increase liquidity and depreciate their vastly overpriced yen. They are doing this in order to avoid deeper and deeper deflation. That deflation will sink the Japanese economy for years to come if remedial actions are not taken. Among all the big economies, none needs quantitative easing more than Japan’s. All the Japanese have done so far is make cheap loans to banks, but with no concerted QE. But QE is coming this spring, when Prime Minster...
  • There Is No World Currency War

    02/13/2013 8:04:51 AM PST · by Kaslin · 24 replies
    Townhall.com ^ | February 12, 2013 | Larry Kudlow
    All this chatter about a so-called global currency war is utter nonsense. All that is happening is the Japanese are wisely taking steps to increase liquidity and depreciate their vastly overpriced yen. They are doing this in order to avoid deeper and deeper deflation. That deflation will sink the Japanese economy for years to come if remedial actions are not taken. Among all the big economies, none needs quantitative easing more than Japan’s. All the Japanese have done so far is make cheap loans to banks, but with no concerted QE. But QE is coming this spring, when Prime Minster...
  • A strong euro is the last thing Europe needs if currency war dawns

    01/16/2013 11:04:46 AM PST · by DeaconBenjamin · 3 replies
    Yahoo News ^ | 1 hour 14 minutes ago | By Simone Foxman
    Yesterday Jean-Claude Juncker, who presides over meetings of European finance ministers, complained that the euro’s value has become “dangerously high.” The comments took many by surprise; it’s when the currency has been strongest that investors have shown the most faith in the euro’s continued survival. The euro hit $1.34 on Monday—its highest value since February 2011. But ironically, this renewed faith in the euro currency comes at the worst possible time for the euro-zone economy. Although policymakers finally appear to be making a concerted slog towards union, the years of political turmoil have severely stunted investment in the euro zone,...
  • GOP Lawmakers Push to Keep U.S. Funds Out of Euro Bailouts (DeMint leads charge against EU bailout)

    12/10/2011 4:54:33 PM PST · by rabscuttle385 · 8 replies
    AP / Fox ^ | 2011-12-10
    Republican lawmakers on Capitol Hill are moving to block the International Monetary Fund from using U.S. money for European bailouts, as talks intensify across the pond over how to stanch the debt crisis. Some U.S. lawmakers want their concerns addressed as part of the feverish end-of-year budget talks. On the House and Senate side, lawmakers have introduced legislation to wall off U.S. taxpayer money from playing any role in averting a European meltdown. "It's time to stop the bailouts and start restoring fiscal discipline to our own economy," Sen. Jim DeMint, R-S.C., said in a statement, as he and 25...
  • Prepare for riots in euro collapse, Foreign Office warns

    11/26/2011 6:08:42 PM PST · by mandaladon · 106 replies · 1+ views
    The Telegraph ^ | 27 Nov 2011 | James Kirkup
    British embassies in the eurozone have been told to draw up plans to help British expats through the collapse of the single currency, amid new fears for Italy and Spain. As the Italian government struggled to borrow and Spain considered seeking an international bail-out, British ministers privately warned that the break-up of the euro, once almost unthinkable, is now increasingly plausible. Diplomats are preparing to help Britons abroad through a banking collapse and even riots arising from the debt crisis. The Treasury confirmed earlier this month that contingency planning for a collapse is now under way. A senior minister has...
  • Britain's Foreign Office Prepares For Riots In Europe. Sees Euro Collapse "When, Not If"

    11/26/2011 1:40:29 PM PST · by SeekAndFind · 43 replies
    Zero Hedge ^ | 11/26/2011 | Tyler Durden
    As every major developed economy hits Bass's Keynesian Endgame, the status quo is set to change dramatically. Nowhere is this climax playing out louder than in Europe and the implicit solution of Germany-uber-alles (while seemingly inevitable though nevertheless lengthy in execution) is likely to not sit well with many of the EMU nations. To wit, The Telegraph today reports that Britain's Foreign Office is advising its overseas embassies to draw up plans to help expats should the collapse of the Euro turn explosive. Almost incredibly, a senior minister has revealed that Britain is now planning on the basis that a...
  • The Mother Of All Dreads, Global Economy On The Brink

    11/18/2011 6:58:12 PM PST · by blam · 30 replies
    TMO ^ | 11-18-2011 | Ramy Saadeh
    The Mother Of All Dreads, Global Economy On The Brink Interest-Rates / Global Debt Crisis Nov 18, 2011 - 11:22 AM By: Ramy Saadeh Ramy Saadeh writes: The World is on the brink of a cataclysmic spiral that could make the Greek crisis look like a walk in the park. Interestingly, markets still seem very hushed about the emerging risks ahead; the final bell hasn’t rung yet, can this be it?The trigger of the dreadful events could come as soon as the 23rd of November 2011, as the “Super Committee”, who is expected to set forth a long awaited plan...
  • World Power Swings Back to America- And I Don't See the Name "Obama" in this Article

    10/23/2011 3:49:58 PM PDT · by CWSNTEXAS · 24 replies
    The Telegraph ^ | 10-23-2011 | Ambrose Evans-Pritchard
    The American phoenix is slowly rising again. Within five years or so, the US will be well on its way to self-sufficiency in fuel and energy. Manufacturing will have closed the labour gap with China in a clutch of key industries. The current account might even be in surplus.
  • China Forced Abortion Opponent Chen Guangcheng Possibly Killed

    10/07/2011 9:37:23 AM PDT · by julieee · 2 replies
    LifeNews.com ^ | October 7, 2011 | Steven Ertelt
    China Forced Abortion Opponent Chen Guangcheng Possibly Killed Beijing, China -- Reports are emerging today that Chan Guangcheng, a prominent human rights activist who had led the fight against forced abortions under the one-child policy in China, may have been killed by Chinese officials. http://www.lifenews.com/2011/10/07/china-forced-abortion-opponent-chen-guangcheng-possibly-killed/
  • Bernanke’s Plot To Overthrow The US Dollar (Revolution!)

    09/30/2011 6:00:30 PM PDT · by blam · 14 replies
    The Daily Reckoning ^ | 9-30-2011 | Bill Bonner
    Bernanke’s Plot To Overthrow The US Dollar By Bill Bonner 09/30/11 Paris, France – Where’s the Bastille…? The Dow got a boost yesterday — up 143 points. Gold remained where it was — about $1,617. Dear Readers know what we think. The Great Correction has a lot of work to do — there are so many things that need correction. And it will take time to do it. Meanwhile, your goal as an investor is to lose less money than everyone else. He who loses least wins! Stocks should go down. Real estate should go down. Even gold should go...
  • More Signs China Is Going Bust

    09/29/2011 6:13:17 PM PDT · by blam · 54 replies
    TMO ^ | 9-29-2011 | Justice Litle
    More Signs China Is Going Bust Economics / China Economy Sep 29, 2011 - 12:04 PM By: Justice Litle While the world fixates on Europe, signs of a China crash are mounting behind the scenes. Imagine you run a business with 3,000 employees. Your factories churn out 20 million pairs of sunglasses per year -- the best-selling brand in China. You are a celebrated businessman in your region, with expanded interests in real estate and solar energy. Oh, and one more thing: You are flat broke. As it turns out, your company borrowed huge sums at high interest -- more...
  • U.S. initial jobless claims fall less-than-expected. (last wk revised again)

    09/22/2011 5:47:06 AM PDT · by sunmars · 10 replies
    The number of people who filed for unemployment assistance in the U.S. last week declined less-than-expected, official data showed on Thursday. In a report, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending September 16 fell by 9,000 to a seasonally adjusted 423,000, falling short of expectations for a decline to 420,000. The previous week’s figure was revised up to 432,000 from 428,000. Continuing jobless claims in the week ended September 10 fell to 3.727 million from a revised 3.755 million in the preceding week. Analysts had expected continuing jobless...
  • To rescue economy, Fed gets ready to twist and shout

    09/20/2011 2:45:22 PM PDT · by cc2k · 3 replies
    The Bottom Line on MSDNC ^ | September 20, 2011 | John W. Schoen
    After pumping $2 trillion into the system, pushing interest rates to the floor and making a bold promise to keep rates low for two years, the Federal Reserve is running out of options.<snip>“It's a pretty critical meeting for the Fed,” said Jeffries market strategist David Zervos, a former Fed adviser. “It's one of those meetings where we know there's going to be a change. It's not just the perfunctory ‘Let's meet and greet and let's make a statement that we're vigilant and we know what we're doing.”<snip>As the U.S. economy falters, Europe has presented Fed officials with an even greater...
  • China buys gold, challenges US dollar

    09/18/2011 2:33:41 PM PDT · by EnglishCon · 14 replies
    Al Jazeera ^ | 09/13/2011 | Chris Arsenault
    "They [the US and Europe] intend to weaken gold's function as an international reserve currency. They don’t want to see other countries turning to gold reserves instead of the US dollar or Euro," stated the 2009 cable, quoting Chinese Radio International. "China's increased gold reserves will thus act as a model and lead other countries towards reserving more gold." ..... Buying gold and allowing the yuan to be traded freely would weaken the US dollar's dominance as the international reserve currency. The move would have major implications, making it more expensive for the US government to borrow money and to...
  • US Long-Term Rating Lowered To 'AA+' Due To Political Risks, Rising Debt Burden; Outlook Negative

    08/05/2011 6:52:37 PM PDT · by NoLibZone · 128 replies
    Standard & Poor's ^ | August 5 2011 | S & P
    We have lowered our long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA' and affirmed the 'A-1+' short-term rating.We have also removed both the short- and long-term ratings from CreditWatch negative.The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics.More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges...
  • US Federal Reserve faces split if economy fails to pick up

    07/12/2011 7:55:56 PM PDT · by DeaconBenjamin · 15 replies
    Telegraph (UK) ^ | 8:55PM BST 12 Jul 2011 | By Richard Blackden
    The minutes of June's gathering of the Federal Open Market Committee (FOMC) – the body that sets interest rates in the US – show that some officials believe fresh stimulus may need to be considered while others estimate that the risk of stoking inflation is now too high for such actions. The FOMC last month ended its controversial policy of quantitative easing, which saw the central bank buy $600bn (£377bn) of government bonds from banks and insurance companies in an effort to keep long-term interest rates low. Ben Bernanke, the chairman of the Fed, indicated in April that a further...